Changes to Information Reporting for Crypto Transactions
The BEPS 2015 Action 1 Report paved the way for a project within the OECD to work on addressing the challenges arising from the digitalization of the economy. The OECD recently released a report focused on addressing and strengthening the regulatory framework for Taxing of Virtual Currencies which will be based on the Common Reporting Standard (CRS). On a parallel course was the US Treasury/Internal Revenue Service (IRS) analysis on the proper reporting and basis calculation for virtual currencies. Both of these regulatory agencies expect to publish final rules in 2021.
TAINA has compiled an informative and thought-provoking article on the recent changes in the crypto regulation landscape, the timing of these regulation changes, the impact these changes will have on the crypto industry and what a proactive approach will entail.
TAINA will also be presenting a webcast with global thought leaders from the Big 4 and the industry on the impact of the proposed rule changes to the market to be released on November 19th.
I hope you enjoy this article and would welcome any suggestions for future topics that you want to hear about.